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Panama's growth diagnostics

  • Mauricio Cárdenas

    ()

  • Natalia Salazar F.

    ()

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    "In this context, the objective of the paper is to propose a set of recommendations on whatneeds to be done in order to assure success of the current growth strategy. We have nodoubts on the value of strengthening Panama´s geographical comparative advantage withthe Canal´s expansion. The key question is to identify the additional steps which could promote growth in the non-canal economy. In addition to making growth more sustainable,growth acceleration in the traditional sectors can result in a reduction of inequality, whichis extremely high in Panama.To answer these questions the paper proceeds in the following way. Section 2 discussessome key features of Panama´s economic structure that are important for the analysis.Section 3 analyzes Panama´s growth using conventional techniques. In particular, we lookat the role of the `fundamental´ determinants of growth, such as institutions, geography,and human capital. Also, the time series analysis shows that growth has experiencedreversals while a standard sources-of-growth decomposition suggests that Panama has asevere productivity problem. Sections 4 to 8 deal with the GDM. Section 4 presents somegeneral evidence from the Investment Climate Survey (ICS) on the main concerns ofPanama´s entrepreneurs. Section 5 discusses all the problems that could imply low socialreturns to investment. Section 6 analyzes the issues related to problems of appropriability.Section 7 introduces the problems of self-discovery, and Section 8 looks at financingissues. Section 9 concludes"

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    File URL: http://hdl.handle.net/11445/801
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    Paper provided by FEDESARROLLO in its series WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO with number 009190.

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    Length: 64
    Date of creation: 20 Nov 2007
    Date of revision:
    Handle: RePEc:col:000123:009190
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    1. Lutz Hendricks, 2002. "How Important Is Human Capital for Development? Evidence from Immigrant Earnings," American Economic Review, American Economic Association, vol. 92(1), pages 198-219, March.
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    4. Laura Alfaro & Sebnem Kalemli-Ozcan & Vadym Volosovych, 2005. "Capital Flows in a Globalized World: The Role of Policies and Institutions," NBER Working Papers 11696, National Bureau of Economic Research, Inc.
    5. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," NBER Working Papers 8460, National Bureau of Economic Research, Inc.
    6. Jushan Bai & Pierre Perron, 1998. "Estimating and Testing Linear Models with Multiple Structural Changes," Econometrica, Econometric Society, vol. 66(1), pages 47-78, January.
    7. Bernt Bratsberg, 2002. "School Quality and Returns to Education of U.S. Immigrants," Economic Inquiry, Western Economic Association International, vol. 40(2), pages 177-198, April.
    8. Gary Clyde Hufbauer & Jeffrey J. Schott & Kimberly Ann Elliott, 1990. "Economic Sanctions Reconsidered: 2nd Edition," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 82, December.
    9. Edward L. Glaeser & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2004. "Do Institutions Cause Growth?," Journal of Economic Growth, Springer, vol. 9(3), pages 271-303, 09.
    10. Jeffrey D. Sachs, 2003. "Institutions Don't Rule: Direct Effects of Geography on Per Capita Income," NBER Working Papers 9490, National Bureau of Economic Research, Inc.
    11. Lance Davis & Stanley Engerman, 2003. "History Lessons: Sanctions - Neither War nor Peace," Journal of Economic Perspectives, American Economic Association, vol. 17(2), pages 187-197, Spring.
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